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So, to sum up, Rogoff basically thinks his beloved market-based economy is doing great, but those rotten politicians are waiting in the sidelines, ready to spoil things for him and his clan.

Gee, one would think that by now neoliberals would recognize that the sole reason things appear to be kinda okay is central-banks' (i.e. an extension of the government) money printing. It's just that QE's money goes to the banks, the rich (cause, you know, they own the assets that central banks buy and prop), and whatever deficit-financing finances, rather than the working-class that Rogoff and co. despise so much.

The only problem is that the system is broken. With the US looking increasingly shaky as the world's consumer of last resort, and private debt being basically toast in the deficit countries, nothing much remains to sustain demand, hence the current fragile balance remains precarious.

CHANCELLORS NOT GOVERNORSThe Central Bank Governor has been heavy lifting far too long.With interest rates reduced to zero for nearly a decade.Unfortunately the Inequality within Democracy is not addressed.Because the causes are papered over by obfuscation.Diagnostics are misunderstood deliberately.The Fiscal Design Departures require Chancellors not Governors.Democracy is discredited when The Establishment is booted out.It appears that The Establishment caused and then failed to address Inequality.While Democracy has delivered the demolition of The Establishment.The Economic Realignment with Democracy however, has failed to manifest.And Populism has been misdirected by misdiagnosed expertise.The Governor cannot deliver - Democracy empowers Chancellors to deliver.While Trump attempts to be The Chancellor, May Macron Modi struggling.Merkel perhaps the only Chancellor that has delivered for over a decade.The German Establishment consequently perhaps the only one smiling.

There will be a lot of tears soon.....stocks are by far overvalued, will sanity ever prevail.....very doubtful....history always repeats itself ?..when the bubble bursts central bankers and their governments better think twice before bailing out these casino practices and their players at tax payers expense.... It won't pass this time.

This is one of these economists that will always argue is the glass half full or half empty to maintain a status quo... but never question if the glass is the correct size... Trump is asking/pushing such questions ......and well overdue.

Rogoff is essentially asking how long we can expect the old division of labor to continue between strong financial sectors in the West and strong real economies in East Asia, given a weak government in the US and no government in Europe to back the ECB. He holds out vague hopes (or fears) of an East Asian financial crisis that would reinforce the old dichotomy between where savings are produced and where they're stored, and otherwise counts on West's central banks' prudent use of their powers of seigniorage to maintain their edge.

Will that work? A lot depends on the losers in this arrangement -- participants in financial markets in East Asia, and in the real economies of the West. If current arrangements can be maintained only by exacerbating the problems of those losers -- as seems to be the case in the United States -- then the entire structure could come apart.